Be financially secure before buying a house

IPOH: Buying a house is a good investment but one needs to be
sure he has the financial ability before making the commitment.

Universiti Teknologi Mara (UiTM) Seri Iskandar senior lecturer
and property expert Dr Azizul Azli Ahmad said those making plans to own a
property need to have the right strategy from the start.

“The first thing they need to find out is whether they are
financially ready to buy a house with their current salary. They need to
understand how far they can go (financial ability) when they want to buy a
house because, bear in mind, salary increments in the country are still low in
many sectors.

“Buying a house is a huge financial decision. So it is
important to evaluate your financial situation before considering investing in
real estate. What is your current salary? Are you expecting a raise in the
short term? What are your monthly expenses?

“You need to also know the property that best suits your salary
because you will not want to end up going through the auction experience when
you fail to pay your mortgage, ” he said.

Azizul said this in his talk on Eight Strategies in Buying a
House, on the last day of the MyRumah Property Showcase organised by the New
Straits Times (M) Bhd (NSTP) at Indera Mulia Stadium here today.

According to him, the eight strategies include why one needs to
buy a house at a young age, what is the right property to own for first time
buyers, and why one has to expect less for the first house.

He said house buyers need to understand these strategies so that
they will not regret later.

“Many of us are happy when the bank approves the house
loan, and assume that we are finally capable of owning a house. This is wrong
because this is only the start of a new and long term commitment with the bank.

“The house loan can last for 35 years, not five years. And
anything can happen to our finances within the period,” he said,

Azizul added until one was really financially able to own a
house, it was wiser to rent.

Meanwhile, MyRumah manager, Mohd Hasnan Abd Abbas said
throughout the four days, the showcase had achieved its target in terms of good
crowd turnout and property sales.

“Many developers here have achieved their sales target.
Visitors meanwhile were excited to be able to take part in our
activities,” he added.